EBRD inks credit agreement with Azerbaijan’s Embawood

The European Bank for Reconstruction and Development is providing a $12 million loan to Azerbaijan's largest furniture manufacturer to finance further improvements in its production facilities, EBRD's Baku office reported in its statement released on Monday.

"The proceeds of the EBRD loan will be used to finance the quality control of its production facilities in order to maintain high standards throughout all entities. Part of the loan will also be used for Energy Efficiency improvements throughout all its three production units," the statement says.

Embawood is the largest manufacturer and retailer of home and office furniture in Azerbaijan. It owns total of seven factories with three being in Azerbaijan and four located outside the country - one each in Ukraine and Uzbekistan and two in Georgia. Embawood is represented in ten countries via a retail trade network of around 200 shops.


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